Economy

The soaring price of rice is affecting many parts of the world where it's the staple diet

8:07am August 26, 2023

by Scott Simon

A combination of climate change and shifting trade practices has sent the price of rice soaring. This is problematic in many parts of the world, where the grain is the staple of regional diets.

How a home mortgage 'lock in' impacts the entire housing market

5:58pm August 25, 2023

The average mortgage rate in the U.S. is now over 7%, its highest level in more than 20 years. That has some homeowners feeling locked in, tethered to their low interest rates and unable to move.

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Federal Reserve Chair Jerome Powell arrives for a meeting of financial regulators in Washington, D.C., on July 28, 2023. Powell warned on Friday the fight against inflation still "has a long way to go."

Economy

Fed Chair Jerome Powell warns the fight against inflation is far from over

4:58pm August 25, 2023

by Scott Horsley

Federal Reserve Chair Jerome Powell said interest rates could stay elevated for an extended period to bring inflation to the central bank's 2% target.

A maintenance worker sweeps the street in front of a row of new homes in Fairfax, Va., on Aug. 22. Sales of new homes are taking off as current homeowners are reluctant to sell their houses, because they would face a higher mortgage for their next one.

Economy

These are 5 ways surging mortgage rates are reshaping the housing market

5:00am August 25, 2023

by Scott Horsley

The housing market is showing a split: Sales of existing homes were down last month, but sales of newly built houses were up.

The average home mortgage interest rate now tops 7%, the highest in 20+ years

5:55pm August 22, 2023

by Scott Horsley

Sales of existing homes fell more than 2% in July, as rising mortgage rates kept many would-be buyers and sellers on the sidelines.

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College graduation cap and gown made of $100 bill

Borrowers can now apply for new, income-based student loan repayment

1:36pm August 22, 2023

More than 20 million borrowers are eligible under the new repayment plan, and many will see lower payments.

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Greg Rosalsky looks at his new son in the hospital.

I'm a new dad. Here's why I'm taking more parental leave than my wife.

10:18am August 22, 2023

by Greg Rosalsky

More than 70 percent of American fathers return to work less than two weeks after having a baby. Here is why I'm not one of them.

Economy

Mortgage rates are at a record high. Here's what that means for home buying

8:09am August 19, 2023

Rates for a fixed, 30-year mortgage jumped to the highest rate seen in over 20 years - over seven percent. We'll look at what this means for prospective homebuyers, and the housing market in general.

Having filed for bankruptcy, Yellow plans to break itself up and sell itself off

5:11pm August 18, 2023

Yellow stunned the trucking industry when it filed for bankruptcy this month. A specific type of loan, the debtor in possession financing, promises some rich returns to the lender in this case.

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Mortgage rates have been surging, making home ownership a lot less affordable for many people. The higher rates have also made people reluctant to sell their current homes, since many would likely have to pay more in mortgages for their next house.

Economy

Mortgage rates just hit their highest since 2002

1:45pm August 17, 2023

by Scott Horsley

The average cost of a 30-year fixed-rate mortgage jumped to 7.09% this week, the highest in over two decades. Rising interest rates have put homes out of reach for many would-be buyers.